Latest news with #NatoshaWareham-Bakker

Calgary Herald

Downsizing shapes up differently for gen Xers in Alberta

Article content The next crop of new retirees plans to do things differently than those before them, at least when it comes to real estate. Article content 'We've got people near retirement age, looking to downsize after their kids are grown and have moved out and they're looking for less space,' says Natosha Wareham-Bakker, realtor at Royal LePage Benchmark in Cochrane, who also works in Calgary. Article content Article content Article content 'But many are going into that next stage with a mortgage because housing prices are not what they were 20 years ago.' Article content Article content A new survey from Royal LePage of realtors and retiring homeowners supports what the local realtor is seeing among new retirees. It shows that of those Canadians retiring in the next two years, nearly three in 10 will carry a mortgage. Article content What's more, 46 per cent of all nearly retired respondents plan to downsize before or shortly after retiring. Article content In its survey of realtors, Royal LePage found real estate agents estimated about four in 10 near retirees planning to downsize will move to a standard condominium whereas one in four plan to move to an age 55-plus community. Article content In Alberta, however, realtors note not having any near-retirees planning to move to a condominium, while 50 per cent indicate moving to a 55-plus community. Article content Article content 'In Alberta, there is a lower average instance of downsizing than in other parts of the country,' says Anne-Elise Cugliari Allegritti, national director of research and communications at Royal LePage in Vancouver. Article content One reason for that lower rate could be the preference for downsizing in the province, whereby they are not looking at the abundant apartment condominium options as much as they seek villa-style 55-plus communities. Article content 'There is less supply and more competition to find that right-sized property,' she adds. Article content Downsizing clients are indeed favouring bungalows and villa-style homes with typically one floor of living space, Wareham-Bakker says. Article content 'The 55-plus communities are appealing to people who don't have to rush to work every day,' she says, noting these often new developments are amenity rich.